Elon Musk plans to close the acquisition of Twitter Inc. by Friday. Musk informed bank partners of his intentions during a video conference on Monday.
The banks are providing Musk $13 billion of debt financing and are in the process of signing the documentation, reports Bloomberg.
“These latest developments suggest he is in the final stages of closing the transaction by a court-issued Oct. 28 deadline,” the outlet details.
“The banks are expected to receive one of the last formalities — a borrowing notice — on Tuesday, and the cash is expected to be held in escrow on Thursday, the people said.”
Musk first agreed to buy Twitter in April, but then tried to revoke his offer after claiming the social media service misreported the number of spam accounts on the platform. Musk changed course earlier this month by announcing he’d close the deal at the original purchase price of $44 billion.
Musk plans to unlock Twitter, to open it up for robust dialogue. He plans to decrease censorship practices company-wide. Musk purchased the platform to create a virtual town hall for debate and varying opinions.
Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway on August 29, 2022. (Photo by Carina Johansen / NTB / AFP) / Norway OUT (Photo by CARINA JOHANSEN/NTB/AFP via Getty Images)
Under Musk’s control, the public may finally learn of the inner workings behind the top-secret algorithm that dictates the visibility of various tweets and videos.
Initially, Musk says he’ll cut the weight of the Twitter employees who previously supported a restrictive marketplace of ideas. He recently told investors he would reduce the company’s workforce from 7,500 workers to around 2,000 — a cut of 75%.
But, hey, at least the staffers who vowed to quit upon Musk’s takeover won’t even have to make the first move…
The deal comes at a time in which state attorneys general presented a case to a federal court to show collusion between Twitter and high-ranking Biden officials. Leaked documents reveal that Biden aides pressured Twitter to remove accounts critical of the government’s Covid response, to which Twitter obliged.
Expect the White House to lose such a resource following Musk’s acquisition.
OutKick will have more on the deal in the coming weeks, including a column on the societal impact of a social media giant not rigged for one side of the political aisle.